CPPIB buys ReNew shares it does not already own
The terms imply an enterprise value of approximately $10.2bn for ReNew.
Canada Pension Plan Investment Board has signed a transaction agreement on 11 August with ReNew and founder Sumant Sinha to acquire every share the consortium does not already hold. CPPIB had reported beneficial ownership of 88,846,844 Class A ordinary shares, representing 34.4% of ReNew's voting rights.
Shareholders will receive cash consideration of $7.02 per share. The terms value ReNew's fully diluted equity capital at approximately $2.8bn and imply an enterprise value of approximately $10.2bn. The acquisition is to be effected by means of a court-sanctioned scheme of arrangement under UK law, with treasury shares and rollover shares excluded alongside the consortium's own holding.
The agreement follows a non-binding proposal from CPPIB and Sinha that ReNew disclosed on 29 May, and a best and final non-binding proposal dated 27 July, which ReNew announced on 28 July.
Sources: freshfields.com
